INDIA: Bharti Wal-Mart suspends CFO, employees amid bribery probe
“Wal-Mart and Bharti have suspended a few associates pending the outcome of the investigation,” the retailer said
Bharti Wal-Mart has suspended a number of its employees, one of which is understood to be its CFO, while it investigates alleged violations of US anti-bribery laws.
A spokesperson for Bharti Wal-Mart confirmed the move today (23 November) and said the company is "committed to conducting a complete and thorough investigation".
"Wal-Mart and Bharti have suspended a few associates pending the outcome of the investigation," the spokesperson said. "It would be inappropriate for us to comment further until we have finished the investigation."
It is understood the the Indian joint venture of Wal-Mart Stores has suspended five employees in total, including CFO Pankaj Madan, as part of an ongoing global investigation by the US retail giant against alleged corrupt practices, Reuters reported. Four of the employees are understood to be from Bharti's legal team.
According to the publication, Wal-Mart last week opened internal inquiries or investigations into bribery allegations in Brazil, China and India, following an earlier probe in Mexico. Indian authorities are also investigating claims the retailer violated foreign exchange rules when it invested $100m in a domestic unit owned by its wholesale joint-venture partner.
India's government finally allowed foreign direct investment in the country's retail sector in September after a number of delays. Indian opposition parties and the Congress party-led coalition government had opposed the move that would allow retail giants like Wal-Mart into the sector. Opponents believe greater foreign investment will hit domestic operators, particularly smaller, traditional outlets.
Opposition politicians demanded a debate and vote on the policy decision when the Indian parliament opened for its winter session yesterday, Reuters noted, threatening to halt parliamentary proceedings.
US breakfast cereal group Post Holdings kicks off a relatively quieter week of results with its half-year numbers on Monday. On Tuesday, meat giants Marfig and JBS will report on how it fared in the f...
Wal-Mart has launched legal action against the UFCW union in the US and its protests at the retailer's stores in California....
Campbell Soup Co. has expanded its range of Prego pasta sauces in the US with a new line....
- Focus: ConAgra own-label exit plan is about growth
- just-food's pick: Top trends at Fancy Food Show
- What Grexit could mean for the food industry
- IRI – The opportunity of range optimisation
- Focus: Can General Mills improve US retail sales?
- ConAgra confirms private-label exit
- Kraft Heinz unveils management structure
- Kraft faces lawsuit over 'natural' claims
- US performance weighs on General Mills
- Hovis "mulls Irish Pride Bakeries takeover"